Suli: Azoxystrobin contributing to year-on-year profit increase of 90.35% in first three quarters of 2022

On October 28, 2022, Chinese agrochemical company Jiangyin Suli Chemical disclosed its performance report of the first three quarter of 2022. The report reveals a total operating income of RMB2.435 billion in the first three quarters of 2022 which is a year-on-year increase of 54.49% and net profit attributable to shareholders of RMB265 million which is a year-on-year increase of 90.35%; basic earnings per share were RMB1.47. Out of the three quarters, the operating income in the third quarter was RMB791 million which is a year-on-year increase of 31.52% and the net profit attributable to shareholders was RMB65.9943 million which is a year-on-year increase of 55.80%.

According to Suli, the reasons for the 54.49% increase in operating income in the first three quarters are: 1) The sales volume and prices of the company’s main products, azoxystrobin, 2,2',3,3',4,4',5,5',6,6'-Decabromobibenzyl and hydrobromic acid, have all increased; 2) Production and sales of brominated polystyrene products have been launched. The main reason for the 90.35% increase in net profit attributable to shareholders lies on the increase in the sales volume and profitability in the current period, as well as the increase in the foreign exchange gain in the current period. 

According to the performance report, Suli’s sales volume of pesticides and pesticide intermediates in the first three quarters was 18,381.10 tons, generating an operating income of RMB1.1334772 billion, which is a year-on-year increase of 34.13%, being attributable to the increase in the sales volume and profitability in the current period, as well as the increase in the foreign exchange gain. 

According to open information, Suli is for long engaged in research and development, production and marketing of pesticides, flame retardants and other fine chemicals. 

Its dominant pesticides include chlorothalonil technical, azoxystrobin technical and pesticide formulations; other pesticide products include technicals like diflubenzuron, fluazinam, flutolanil and cymoxanil, as well as pesticide intermediates such as 4-Chloropyridine-2-carbonitrile and tetrachloroterephthalonitrile.